Rise in application of NGS, surge in genome mapping programs, rapid technological advancements, and increase in investment in R&D is expected to propel the growth of the global next generation sequencing market.
PORTLAND, Oregon, July 8, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, 'Next Generation Sequencing (NGS) Market by Product (Consumables, Platforms, and Services) Application (Biomarkers & Cancer, Diagnostics, Reproductive Health, Personalized Medicine, Agriculture & Animal Research, and Other Applications), Technology (Sequencing by Synthesis, Ion Semiconductor Sequencing, Sequencing by Ligation, Pyrosequencing, Single Molecule Real Time Sequencing, and Other Technologies), and End User (Academic & Clinical Research Centers, Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, and Other End User): Global Opportunity Analysis and Industry Forecast, 2019–2026'. According to the report, the global next generation sequencing (NGS) market was pegged $4.53 billion in 2018 and is projected to reach $18.57 billion by 2026, registering a CAGR of 19.2% from 2019 to 2026.
Rapid technological advancements, increase in applications of NGS, rise in partnerships and collaborations, and surge in genome mapping programs have boosted the growth of the global next generation sequencing market. However, standardization concerns over NGS-based diagnostics, lack of skilled professionals, and ethical & legal limitations hamper the market growth. On the contrary, rise in investment in R&D is expected to create lucrative opportunities in the near future.
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Consumables segment to dominate the market
The consumables segment held the largest share in 2018, contributing more than two-thirds of the market, as they are widely used in sample preparation process and are required to perform other pre-requisite steps of NGS. However, the services segment is projected to manifest the fastest CAGR of 20.5% during the forecast period, owing to rise in demand for sequencing-based diagnostics and rise in requirement of data management services for storing huge amount of data.
Personalized medicine segment to manifest fastest growth through 2026
The personalized medicine segment to portray the fastest CAGR of 22.0% during the forecast period, owing to increased demand for individualistic drug treatment and rise in awareness pertaining to NGS and its role in medical settings. However, the biomarker and cancer segment dominated the market in 2018, contributing more than one-third of the market. Researchers understand that a profound and more precise look into cancer through the molecular structures of individual tumors can be executed through NGS analysis, which boosted the growth of the segment.
North America holds lion's share
The market across North America dominated the market in 2018, accounting for around two-fifths of the market, owing to rise in development in biotechnology and surge in investments as well as partnerships to develop NGS software. However, the market across Asia-Pacific is expected to register the fastest CAGR of 20.7% during the forecast period, owing to rise in technological innovations and funding provided by the government and private organizations.
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Major market players
The report provides an in-depth analysis of the major market players such as Illumina, Inc., Pacific Biosciences of California, Inc., Thermo Fisher Scientific, Inc., Qiagen N.V., Beijing Genomics Institute, Agilent Technologies, Inc., 454 Life Sciences Corporation (Roche Holding AG), Genomatix GmbH, Perkinelmer, Inc., and PierianDx.
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SOURCE Allied Market Research